The company's newest very big deal is a license to Bed, Bath and Beyond. This huge retailer will pay for Nicole Miller designed sheets, towels and home accessories.

Every artist wants to license his or her ideas and let someone else, like Bed, Bath and Beyond, make and sell the ideas. Funny but this almost never happens.

In fact, the reason Nicole Miller got the opportunity to license is because it had done the hard work of making a product and selling it and winning repeat customers.

Topic for discussion: What is the hardest part in doing licensing deals?

Answer: Choosing the right partners! We have learned here from others, a contract is not worth the paper it is written on if the person on the other side of the table is not a person with whom you will enjoy doing business with. Bud and Nicole even go so far as to say, "we have to like the people who work here and with whom we work." They didn't say they have to know they can make money. They didn't say they have to respect the other person. They say they have to like every person they work with.

This makes perfect sense because you are trusting this third party "outsider" with your image. The licensing has never been easy as Nicole herself took back much of the quality control responsibility when some licensees got sloppy. She told us you have to stay vigilant. You have to watch every step taken by others when it is your image they are working with. If you choose the right partner, things can work out well. Today over half of it's $140 million in sales come from licensing to others.

What do you think? Are there sales channels or relationships you need to explore?